The bear case for Amgen centers on the company's meager growth prospects as its maturing blockbusters face the threat of competition, and the notion that the world's largest biotech isn't going to regain even some of the growth mojo that made it an industry superstar.

But Barron's took the other side recently ("We Have the Whole Toolbox," June 15) when the stock (ticker: AMGN) traded at $98.51,...